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English
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Hayır (No)
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Hayır (No)
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-
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Hayır (No)
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The review conducted in full cooperation between our Company and the World Bank Group regarding a past tender process carried out under the Emergency Development Project in the Republic of Iraq has been completed, and the process has resulted in a settlement agreement between the parties. Under the agreement, our Company's participation in projects financed by the World Bank Group has been temporarily suspended for a period of twelve (12) months. Following this period, provided that the obligations are fulfilled, our Company and its subsidiaries will be eligible to re-engage in the relevant projects during an additional twelve (12)-month conditional participation period. This process constitutes a natural extension of our proactive efforts to further strengthen our corporate governance, ethics, and compliance standards. The compliance and remediation measures implemented by our Company have been carried out in full cooperation with the World Bank Group's Integrity Vice Presidency, and to date, the World Bank Group has expressed its appreciation for our Company's cooperation and transparent approach throughout the process. From a financial and operational perspective, the aforementioned measure is not expected to have any adverse impact on our current or future growth plans, nor on our consolidated financial statements. Our Company remains committed to transparency and strong corporate governance principles in its engagements with all stakeholders. Developments relating to the process will be disclosed to the public in accordance with the Capital Markets Legislation. Respectfully announced to the public.
This Material Event Disclosure has been prepared in both Turkish and English, and in the event of any discrepancy between the two texts, the Turkish version shall prevail.
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